Determinants of choice between equity issuance, equity repurchase and debt issuance of South African companies listed on the Johannesburg Stock Exchange

Purpose: The introduction of dual decisions (such as the issue shares and debt; repurchase repayment share issues repurchases) has provided an order preference financing influenced by company-specific attributes. aim this study is to investigate determinants choice South African companies listed on Johannesburg Stock Exchange (JSE) between different decisions.Design/methodology/approach: Data were obtained from Integrated Real-time Equity System (IRESS), a reliable supplier financial data. 90 analysed. A logistic regression model (fixed effect) was used, multinomial done using generalised structural equation model.Findings/results: research findings highlight significance trade-off theory, pecking theory models based asymmetric information in elucidating developing country. extend empirical evidence equity issuance, repurchase, no-transaction alternative debt issuance Africa’s emerging economy. also suggest that JSE must evaluate variables theories correspond such if they wish make better decisions.Practical implications: will help corporate decision-makers decide issuance. shareholders investment decisions.Originality/value: article investigates four alternatives within same framework.